Where are Facebook’s first 20 employees?

Who were the people behind Facebook when it was just a startup? And where are they now?

Only two of Facebook’s first 20 employees still work at the company – and you can probably guess one of them.

Most left during the social network’s early days to work at other tech companies or start their own. Several have become successful investors at large VC firms. Out of Facebook’s first 20 employees, only two were women. Many are now absurdly rich, following Facebook’s IPO in 2012.

Click ahead to see where Facebook’s first 20 employees are now.

Article source: http://www.msn.com/en-ca/money/companies/heres-where-facebooks-first-20-employees-are-now/ss-BBD2x3F?srcref=rss

Germany plans new emissions testing body after VW scandal

FILE PHOTO: Volkswagen logo is pictured at the newly opened Volkswagen factory in Wrzesnia near Poznan

© REUTERS/Kacper Pempel/File Photo
FILE PHOTO: Volkswagen logo is pictured at the newly opened Volkswagen factory in Wrzesnia near Poznan

The German transport ministry announced plans on Tuesday to set up a new institute to test vehicle emissions to try to restore consumer confidence after the Volkswagen (VOWG_p.DE) scandal.

The ministry said it would found a new testing institute involving the auto industry, ministries, consumer organizations and environmental groups.

However, the KBA motor vehicle authority, which reports to the transport ministry and currently oversees vehicle testing, will remain responsible for licensing new models.

Since Volkswagen admitted to cheating U.S. diesel emissions tests in September 2015, the German government has come under fire for not doing enough to crack down on vehicle pollution and for being too close to the country’s powerful car industry.

The ministry said the new institute would test about 70 car models a year in real road conditions rather than laboratory conditions, and the emissions and fuel consumption results would be made public to allow car buyers to make better comparisons.

On Monday, Reuters reported the transport ministry was also pushing carmakers to update the engine management software in up to 12 million diesel vehicles in the country, citing people familiar with the talks.

Volkswagen’s 2015 admission that it used software to cheat U.S. diesel emission tests

Article source: http://www.msn.com/en-ca/money/companies/germany-plans-new-emissions-testing-body-after-vw-scandal/ar-BBDko5S?srcref=rss

U.S. Tim Hortons franchisees follow Canadian example, form alliance

TORONTO – A group representing Tim Hortons franchisees who are unhappy with the management of the coffee-and-doughnut chain says it now has a U.S. chapter, a development that could put further pressure on the parent company.

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The Great White North Franchisee Association (GWNFA) said in a statement that the U.S. chapter was created to give a united voice to franchisees concerned about the management of Restaurant Brands International (TSX:QSR). It said the membership of the new chapter includes nearly half of all U.S.-based franchisees.

The Canadian chapter formed in March, with members complaining the parent company was using its power to extract more profit from franchisees. Last week one member sought a class-action lawsuit against RBI, alleging it improperly used money from a national advertising fund. The claims have not been proven in court and RBI has denied the allegations.

A GWNFA spokesman said in an email that the U.S. chapter has no firm plans at the moment to launch a similar suit, but will explore various measures to address the concerns they have.

RBI did not immediately return a request for comment. Its Tim Hortons unit said in a statement that the company is focused on working with its elected franchisee advisory board. The Canadian GWNFA has questioned the board’s effectiveness.

RBI CEO Daniel Schwartz, who recently assumed the responsibilities of Tim Hortons president, has previously said he would prefer if the

Article source: http://www.msn.com/en-ca/money/topstories/tim-hortons-franchisee-group-expands-south/ar-BBDhoVP?srcref=rss

EU antitrust regulators hit Google with record $2.7 billion fine

FILE PHOTO: Euro coins are seen in front of a Google logo in this picture illustration

© REUTERS/Dado Ruvic/File Photo
FILE PHOTO: Euro coins are seen in front of a Google logo in this picture illustration

EU antitrust regulators slapped a record 2.42-billion-euro ($2.7 billion) fine on Alphabet unit Google on Tuesday by illegally favouring its shopping service.

The European Commission said the world’s most popular internet search engine has 90 days to end its anti-competitive practice or face penalty payments up to 5 percent of Alphabet’s average daily worldwide turnover.

The action came after a seven-year long investigation prompted by scores of complaints from rivals such as U.S. consumer review website Yelp, TripAdvisor, UK price comparison site Foundem, News Corp and lobbying group FairSearch.

This is the biggest fine for a single company in an EU antitrust case, exceeding a 1.06-billion-euro sanction handed down to U.S. chipmaker Intel in 2009.

($1 = 0.8890 euros)

(Reporting by Foo Yun Chee; editing by Philip Blenkinsop)

Article source: http://www.msn.com/en-ca/money/companies/eu-antitrust-regulators-hit-google-with-record-242-billion-euro-fine/ar-BBDkrki?srcref=rss

With Alphabet, Google faces a daunting challenge: organizing itself

FILE PHOTO -- Eric Schmidt, chairman of Alphabet Inc., speaks during the SALT conference in Las Vegas© REUTERS/Richard Brian/File Photo
FILE PHOTO — Eric Schmidt, chairman of Alphabet Inc., speaks during the SALT conference in Las Vegas

Google’s self-professed mission is to organize the world’s information. But a company known for engineering excellence is still trying to solve the very human problem of how to organize itself.

Nearly two years ago, Google co-founder Larry Page announced the tech giant would be remade as Alphabet, a holding company whose units would include Google and an array of unrelated pursuits in areas such as healthcare, self-driving cars and urban planning.

Wall Street cheered. Previously those riskier ventures had been lumped into Google’s overall financial results. Investors would now see Google’s performance independent of its so-called “Other Bets,” an eclectic collection of 11 ventures. They include Nest, a maker of Wi-Fi enabled thermostats; Calico, which seeks to prolong the human lifespan; and X, the company’s secretive research lab.

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Alphabet’s top management also aimed to boost accountability by appointing chief executives to head each of the Other Bets. Few people in Google’s constellation of ventures had ever held the title prior to that.

But so far Alphabet has failed to show it can convert its Other Bets from experiments to businesses with the reach, impact and money-making potential of Google’s core search and advertising operations.

Article source: http://www.msn.com/en-ca/money/companies/with-alphabet-google-faces-a-daunting-challenge-organizing-itself/ar-BBDkly7?srcref=rss

How a broke 30-year-old failure became America’s billionaire tire king

© Michael Buckner—Getty Images for CFN

Bruce Halle, the 87-year-old founder and president of Discount Tire, never set out to be a billionaire.

“Initially when I was starting the company, I was 30 years old,” he once said in an interview with the trade publication Tire Business. “I was married. We had two children. I was just trying to make a living, you know, trying to buy bread and milk and pay the rent. That’s all. I started that way.”

Halle founded Discount Tire in 1960 in Ann Arbor, Mich., with what he says was just six tires — two new ones and four retreads, according to the 2012 Halle biography Six Tires, No Plan. Prior to that, he’d subsisted on wages from a Ford plant, car dealership commissions, and benefits from the GI Bill (he served in the Korean War). He also owed $12,000 to Goodyear, and was coming off two other failed ventures.

“I was stuck,” he said according to the book. “I had to open the tire business to get myself out of that mess.”

Today, Halle is worth $6 billion, according to Forbes, which recently published the latest edition of “The Richest Person in Every State” list confirming that Halle is yet again the wealthiest individual in Arizona. Discount Tire has 940 stores across 33 U.S. states, according to a company representative, employing 18,635 people

Article source: http://www.msn.com/en-ca/money/companies/how-a-broke-30-year-old-failure-became-americas-billionaire-tire-king/ar-BBDeXuI?srcref=rss

As airbag crisis spirals, Takata files for bankruptcy protection

FILE PHOTO - A logo of Takata Corp is seen with its display as people are reflected in a window at a showroom for vehicles in Tokyo© REUTERS/Toru Hanai/File Photo
FILE PHOTO – A logo of Takata Corp is seen with its display as people are reflected in a window at a showroom for vehicles in Tokyo

Takata Corp. filed for bankruptcy protection in the biggest corporate failure in postwar Japanese manufacturing, buckling under liabilities from millions of recalled air bags that have been linked to more than a dozen deaths.

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The company and its units filed for bankruptcy protection in the U.S. and Tokyo. The Chapter 11 bankruptcy in Delaware listed more than $10 billion in liabilities, including claims from automakers like Honda Motor Co. and Toyota Motor Corp. and people who have brought class action lawsuits.

The filings removes the last hurdle for the 84-year-old company to be sold to Key Safety Systems Inc., the U.S. air-bag maker owned by China’s Ningbo Joyson Electronic Corp., which has agreed to buy the business for 175 billion yen ($1.6 billion). Key Safety will substantially retain all of Takata’s employees worldwide and the acquisition of the businesses and bankruptcy proceedings are expected to be completed by the first quarter of 2018, it said.


Article source: http://www.msn.com/en-ca/money/companies/takata-seeks-us-bankruptcy-protection-after-air-bag-recalls/ar-BBDejLm?srcref=rss

Canadian softwood producers brace for 2nd wave of U.S. lumber duties

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Canada’s softwood lumber industry is bracing for a second wave of U.S. duties expected to come Monday that could put further pressure on producers, particularly smaller ones, to cut jobs.

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The U.S. Department of Commerce announced in April preliminary countervailing duties against five companies ranging between three and 24 per cent, with other producers facing a tariff of 19.88 per cent.

This time, the U.S. is expected to announce preliminary anti-dumping duties with an average rate of around 10 per cent, which would be added on to the previous levy.

Analyst Paul Quinn of RBC Capital Markets believes the U.S. will play hardball and impose high anti-dumping rates in order to push Canada to agree to a deal before negotiations on NAFTA begin in August.

“Anti-dumping (duties) is a way to scare the Canadians and try to force them to get something done,” he said from Vancouver.

Canada’s share of the U.S. softwood lumber market was 27 per cent in May, down from 31 per cent a year earlier, according to monthly Canadian government reports. That represented a $165-million loss in exports for the month, including $105 million in B.C. and $18 million in Quebec.

Final duty rates have been lower than preliminary tariffs in the past. But Quinn said that could change this time because the

Article source: http://www.msn.com/en-ca/money/topstories/canada-prepares-for-round-2-of-softwood-duties/ar-BBDb6R6?srcref=rss

For Loonie bears, oil slump has come at just the right time

nbsp;© David Sucsy/Getty Images

Slumping crude prices appear set to cut short the loonie’s best run this year. That’s music to the ears of hedge funds that are still near the most bearish on the Canadian dollar in over two decades.

The currency’s rally, fueled in part by surprisingly hawkish comments from central bank officials this month, is on the cusp of stalling as crude prices plunge. The currency weakened 0.4 percent last week, after a six-week, 4.1 percent rally that was its strongest since late last year. Historically, the oil-sensitive currency has been more correlated to crude than monetary policy amid commodity routs. With grim prospects for when oil might climb out of its downtrend, the loonie looks poised to extend its slump as one of the worst performing major currencies into next quarter.

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“The Canadian dollar, which had been blithely ignoring the latest sag in crude, has finally awoken to the oil slick,” Bank of Montreal economist Douglas Porter wrote in a note to clients last week. “Suffice it to say if oil stays on the defensive, the loonie’s rebound is over, and the BOC is going to stay on the sidelines for a while longer yet.”

Loonie bears were squeezed after Bank of Canada Governor Stephen Poloz and his deputy Carolyn

Article source: http://www.msn.com/en-ca/money/markets/for-loonie-bears-oil-slump-has-come-at-just-the-right-time/ar-BBDeRxI?srcref=rss